So far, you could have chatting and audio-video calls on WhatsApp, but now payment service is also going to start soon. Apart from Chatting, amidst these increasing facilities, the news is that the company is also preparing to provide WhatsApp Pension and Insurance service in the coming time. Though initially, it will be a pilot project, under this, apart from insurance, facilities like microfinance and pension will be available.
Abhijit Bose, head of WhatsApp India said, “Our collective aim over the next two to three years is to enable low-wage earners and the unorganised sector access insurance, micro-credit and pension.”
Giving cases of some products the company is thinking about including a pension scheme targeted at 300 million self-employed workers which may cost as low as Rs 50 a day.
“The goal is not to bring payments to the masses. We need to bring services to the masses,” said Bose at a conference, where he also highlighted that WhatsApp already has 15 million small business users in India.
Early examples from ICICI, HDFC and Kotak banks have been very well-received, with ICICI crossing 10 lakh users within months of being launched and Kotak’s services have reached to more than 20 lakh users already. “Now, with the initial proofs of concepts in place, we now want to open up with more banks over this coming year to help simplify and expand banking services, Bose added.